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WTI Options Liquidity During Non-U.S. Hours

Highlights:

  • Over 80% of WTI Options (LO) have traded electronically for almost 3 years straight
  • LO volume continues to be driven by spread trading—a record 59% of LO volume was executed via spreads in March 2020
  • A record 21% of WTI Options are being traded overnight YTD in 2020 with ETH ADV at 31k
  • LO ADV traded during London Morning Hours is at 21k YTD, with a record 14% of total ADV executed during this time frame each day

New Expiration Rules for Brent Options

Highlights:

Brent Crude Oil options (BZO) will be auto-exercised with no contrary instructions allowed beginning with the March 2020 contract expiration on NYMEX. The new options expirations rules allow a simpler and more transparent expiration process for traders hedging the volatile crude oil market.

For More Information:    

Clearing CME Globex Floor CME ClearPort Product Name Subgroup Exchange Volume Open Interest
LO LO - LO Crude Oil Option Crude Oil NYMEX 77,406 2,114,953
LN LNE - LN Natural Gas Option (European) Natural Gas NYMEX 49,391 2,525,769
WA WAY - WA WTI Crude Oil 1 Month Calendar Spread Option Crude Oil NYMEX 13,500 493,931
G3 G3B - G3 Natural Gas (Henry Hub) Last-day Financial 3 Month Spread Option Natural Gas NYMEX 5,750 130,960
TFO TFO - TFO Dutch TTF Natural Gas Futures-Style Margined Calendar Month Option Natural Gas NYMEX 4,000 110,450
ON ON - ON Natural Gas Option (American) Natural Gas NYMEX 3,019 91,317
G4 G4X - G4 Natural Gas (Henry Hub) Last-day Financial 1 Month Spread Option Natural Gas NYMEX 3,000 115,700
BZO BZO - BZO Brent Crude Oil Futures-Style Margin Option Crude Oil NYMEX 1,751 80,894
LO3 LO3 - LO3 Crude Oil Weekly Options - Week 3 Crude Oil NYMEX 761 1,093
LO2 LO2 - LO2 Crude Oil Weekly Options - Week 2 Crude Oil NYMEX 636 0
Trade Date: 10 Jul 2020 | FINAL

Note: Volume and Open Interest data is from the previous trade date. Preliminary data updates at approximately 9:00 p.m. CT and the final update is at 10:00 a.m. CT next business day.

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